Investor performance

The table below details our investor value measures and targets to 2025. It reports our performance and demonstrates progress in delivering a sustainable return to investors as part of our purpose.

Performance highlights in 2023 include:

  • Industry-leading, fully funded pension scheme on a low dependency basis.
  • During the year we secured a £150 million loan through our sustainable finance framework adding to the sustainable bond issued in 2021.
  • Retained the Fair Tax Mark independent certification for a fourth consecutive year.
  • Upper quartile across a suite of investor indices and proud to return as a component of the Dow Jones Sustainability World Index.

To understand the verification process for our data, please see CR reporting.

The progress we have already made to operate in a responsible manner is demonstrated in our 2015-20 measures and targets performance.

Measure Target to 2025 2022/23 Performance 2021/22 Performance 2020/21 Performance
Underlying RoRE Assessed annually 11.0% 7.7% 4.6%
Reported RoRE Assessed annually 11.0% 7.9% 4.37%
UK Corporate Governance Code Maintain compliance Compliant Compliant Compliant
Maintain performance across a range of trusted investor indices Upper quartile Upper quartile Upper quartile Upper quartile
Credit rating UUW (Moody's, S&P, Fitch) A3, BBB+, A- A3, BBB+, A- (stable outlook) A3, BBB+, A- (stable outlook) A3, BBB+, A-
Gearing 55-65% 58% 61% 62%
Maintain sustainable finance framework Available/continued issuance Available Available Available
Fair Tax mark Retain annual accreditation Retained Retained Retained
Sustainable dividend Grow by CPIH In line with commitment  In line with commitment  In line with commitment 
Risk maturity Year on year improvement Met expectation Met expectation Met expectation
Anti-bribery: % of identified employees completing required training 100% 100% 100% 94%
Investor engagement: % met or offered to meet by value (active targetable insitutional shareholder base) 75% 85% 80% 81%